Fasttrack Housing Finance Limited Home Loan Interest Rates 2023
The interest rates offered by FHFL will vary based on the type of home loan. For a Home Loan/Finance, the interest rates range from 12% p.a. to 15% p.a. For Home Extension Loans, the rates range from 13.50% p.a. to 17% p.a. Rates are subject to change from time to time.
Indian residents and Non-Resident Individuals (NRIs as per company policy) are eligible to apply for home loans offered by FHFL.
| Loan amount |
Minimum: Rs.2 lakh
Maximum: Rs.50 lakh
|
| Max. Tenure |
20 years |
| Interest Rate |
12% p.a. to 15% p.a. |
Compare: home loan Interest Rate for all Banks
Features and Benefits of Fasttrack Housing Finance Limited Home Loan
Let us have a look on some of the features and benefits of Fasttrack Housing Finance Limited Home Loan:
- Minimum documentation
- Longer repayment tenure
- Faster loan approval
- Income proof is not mandatory to get a home loan
- Small ticket loans can be extended for home renovation
Fasttrack Housing Finance Limited Home Loan Schemes
Here are the four home loan schemes offered by this finance company:
1. Home Loan/Finance:
- Only individuals can apply.
- Can be used for the construction or purchase of a new dwelling unit.
- The minimum loan amount is Rs.8 lakh and maximum of Rs.25 lakh.
- Security such as flat, apartment, residential bungalow, NA plot for proposed construction to be provided.
- Maximum loan to value (LTV) offered is 80% + Registration and Stamp Duty.
- Minimum loan tenure of 1 year and maximum of 20 years for salaried employees and 15 years for self-employed professionals and non-professionals.
2. Home Balance Transfer:
- Only individuals can apply.
- Can transfer an existing loan to this finance company after completing 12 months with existing lender.
- Minimum loan amount of Rs.3 lakh and maximum of Rs.15 lakh.
- Security such as flat, apartment, residential bungalow, NA plot for proposed construction to be provided.
- The minimum loan tenure is 1 year. The maximum tenure for a fresh loan is 10 years and for existing borrowers, it is 10 years or the remaining tenure, lower of the two.
- Maximum LTV offered is 80% of the market value. TopUp Loan not exceeding 25% of the outstanding loan amount.
3. Home Improvement:
- Only individuals can apply.
- Can be used to make improvements to an existing property.
- Minimum and maximum loan amounts are Rs.2 lakh and Rs.15 lakh, respectively.
- Security such as flat, apartment, residential bungalow, NA plot for proposed construction to be provided.
- The minimum loan tenure is 1 year. The maximum tenure for a fresh loan is 10 years and for existing borrowers, it is 10 years or the remaining tenure, lower of the two.
- Maximum LTV of 75% of market value to be offered on existing loans only after completing 12 months. Combined loan amounts cannot exceed 85% LTV. Up to 90% LTV offered on furniture loans for ready possession homes.
4. Loan Against Property/Home Equity
- Individuals, partnerships, proprietorships, LLPs, private limited companies, trusts, and public limited companies can apply.
- Can be used for expanding an existing business or for personal reasons such as marriage or children’s education.
- Minimum loan amount of Rs.8 lakh and maximum of Rs.50 lakh.
- Minimum loan tenure of 1 year. Maximum tenure of 7 years for individuals and 10 years for companies.
- Security offered can be residential properties, commercial properties, or NA properties.
- Maximum LTV offered is 70%.
Fasttrack Housing Finance Limited EMI Calculator
You can use the BankBazaar Home Loan Calculator to calculate your EMIs (equated monthly instalments) on this home loan. You only need to enter your loan amount, tenure, processing fee, and the interest rate. You will get your estimated EMI along with a detailed amortisation table with a monthly and yearly break-up of your principal and interest amounts paid on the loan.
If you wish to make prepayments on the loan, you can calculate the same by entering the requested details. This will tell you how much interest you will save on the loan and by how much your tenure could be shortened when you make such payments on the loan.
Fasttrack Housing Finance Limited Eligibility Criteria
In order to apply for this loan, there are certain criteria you need to meet:
|
Age
|
Minimum: 22 years
Maximum:
- Salaried: 60 years or retirement age + 1 year
- Self-employed: 65 years
- Govt. employees with pension: 70 years
|
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Income
|
Home Loans except LAP:
- Minimum Rs.8,500 declared per month; Rs.1.02 lakh p.a. (deviation per matrix)
- In case of no income profiles: Based on actual business visits
LAP:
- Minimum Rs.12,000 declared per month; Rs.1.44 lakh p.a. (deviation per matrix)
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Co-borrowers
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A co-borrower is a must. They must be blood relatives such as parents, spouse, or son. Your brother will only be considered if staying with you. Sisters and unmarried daughters will not be considered.
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Guarantors
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Home Loans except LAP:
- Depending on risk profile, a guarantor in the form of a competent individual/company may be required
LAP:
- Guarantee required for individuals
- For firms: Guarantee of directors/partners/trustees required as per constitution
|
Get Free Quote: Check Home Loan Eligibility
Documents Required to Apply for Fasttrack Housing Finance Limited Home Loans
There are certain documents that need to be submitted to complete the application process for home loans:
- Duly filled application form with photographs and signature of the applicant/co-applicant, and guarantor.
- Identity proof documents.
- Address proof documents.
- Income proof documents.
- Property-related documents.
For the complete list of documents to be submitted, please check the Application Form.
Document Check List: Home Loan Document Required
